I wish I had something interesting to say about the situation in Egypt besides “Go freedom and democracy!” But, like many opining on the events, what I know about Egyptian history, culture, and politics could fit on one side of a three-by-five-inch note card.
Here’s a good Nicholas Kristof column, reporting from the scene.
The Times news coverage seems pretty decent.
And the Al Jazeera live feed seems to be the go-to source for an informed, non-US-centric take on the events.
UPDATE: A journalist friend of mine recommends Juan Cole’s site: Informed Comment.
A Thinking Reed 
I’m sorry to say I didn’t know much about the political situation in Egypt. Because it has been friendly to us we have been encouraged to ignore any abuses. I knew Mubarak had been around a long time but I assumed he just kept getting elected. We Americans only want to rebuke the dictators who don’t ally with us.
Sam
sam-betweenhereandthere.blogspot.com